Peter Thiel’s former portfolio manager says that the crypto narrative is built on half-truths and a nonchalance about the security provided by the nation-state.
Michael W. Green May 14, 2021
A rising price does not tell you something is working. If you don’t believe that’s true, consider what happened to holders of tulip bulbs in the 1600s.................Indeed, the Bitcoin narrative is built on a foundation of half-truths, untruths, Social Darwinism, cynicism, an odd comfort with criminality, and nonchalance about the security provided by the nation-state. Crypto advocates are fun to follow on Twitter, but they won’t tell you the following:
- 1. Money exists for one purpose: to cancel debt...........
- 2. I am not an apologist for American hegemony and all the behaviors it has enabled. But imagine the counterfactual.............
- 3. China, Iran and Russia are playing the dominant role in the world of cryptocurrency..............
- 4. When Peter Thiel floated the idea
a few weeks ago that perhaps “Bitcoin should also be thought of in part
as a Chinese financial weapon against the U.S.,” he wasn’t mincing
words. ...........
- 5. Those bullish on crypto love to point out that there is more criminal activity occurring in U.S. dollars than in Bitcoin..................
- 6. Bitcoin mining is remarkably energy intensive................
- 7. Bitcoin marketing is designed to mislead................
- 8. Just because the price of something is going up does not mean there it has an underlying value.............
- 9. While arguing for a utopian future, Bitcoin proponents embrace the time-tested methods of exploiting societal fear to drive adoption...............
- 10. The final lie is the most important: “Bitcoin is unstoppable.” ...............
No comments:
Post a Comment